Question

In: Statistics and Probability

Walmart Company surveyed the senior managers in the retail industry to understand their mean annual salary....

Walmart Company surveyed the senior managers in the retail industry to understand their mean annual salary. A random sample of 49 managers reviled a sample mean of $45420. The standard deviation of this population is $2050. Calculate the 95% confidence interval estimate.

Expert Solution

Solution :

Given that,

= 45420

= 2050

n = 49

At 95% confidence level the z is ,

= 1 - 95% = 1 - 0.95 = 0.05

/ 2 = 0.05 / 2 = 0.025

Z_/2 = Z_0.025 = 1.96

Margin of error = E = Z_/2* ( / $\sqrt$ n)

= 1.96 * (2050 / $\sqrt$ 49)

= 574

At 95% confidence interval estimate of the population mean is,

- E < < + E

45420 - 574 < < 45420 + 574

44846 < < 45994

($44846 , $45994)

orchestra answered 2 years ago

It is claimed that the mean annual starting salary at a company is greater than $35,000....

It is claimed that the mean annual starting salary at a company is greater than $35,000. The mean salary from a sample of 50 employees is $35,500. Assuming that the population is normally distributed and has a standard deviation is $1,500, test the claim at the .10 significance level (α=.10) using the p-value method. Include a bell-shaped graph.

A politician claims that the mean salary for managers in his state is more than the...

A politician claims that the mean salary for managers in his state is more than the national? mean, ?$80,000. Assume the population is normally distributed and the population standard deviation is ?$7400. The salaries? (in dollars) for a random sample of 30 managers in the state are listed. At alpha=0.05?, is there enough evidence to support the? claim? alpha= Hypothesis (use words if needed) Ho: H1: test statistic= p-value= Decision= Interpretation 74,740 82,369 92,359 81,979 95,147 81,132 92,618 75,113 91,420...

a politician claims that the mean salary for managers in his State is more than the...

a politician claims that the mean salary for managers in his State is more than the national mean, $82,000.00. Assume the population is normally distributed and the population deviation is $9500.00. The salaries(in dollars) for a random sample of 30 managers in the state are listed. At a=0.07, is there enough evidence to support the claim? the dollar amounts are:$73,747.00, $87,299.00, $77,242.00, $72,623.00, $80,753.00, $83,263.00, $96,365.00, $93,988.00, $87,831.00, $97,484.00, $74,216.00, $71,883.00, $83,884.00, $89,409.00, $78,373.00, $75,138.00, $83,274.00, $91,670.00, $92,903.00, $74,575.00, $77,973.00,...

My Company is Walmart Using the Annual Report of your selected company (Walmart) answer the following...

My Company is Walmart Using the Annual Report of your selected company (Walmart) answer the following questions in the Discussion: -Did your company have any preferred stock at year end? -How much of the company's common stock was outstanding at year end? -Did the company pay any cash dividends during the year? -Compute the basic earnings per share for the company. -What method does the company use to report net cash flows from operating activities? How can you tell? -What...

1. Compare two terms used in giving rewards to the workforce in retail industry "salary" and...

1. Compare two terms used in giving rewards to the workforce in retail industry "salary" and "commission". which one is commonly used. justify your answer with examples 2. if you were a retail manager, what criteria might you take to evaluate your staff/workers performance. justify your answer with examples from different types of retail business 3. are the steps involved in setting up a retail organization the same for small and large retailers. explain your answer.

Exchange rate effects on retail Industry (Walmart) Using shifts in supply and demand curves, describe how...

Exchange rate effects on retail Industry (Walmart) Using shifts in supply and demand curves, describe how a change in the exchange rate affected retail industry. Label the axes, and state the geographic, product, and time dimensions of the demand and supply curves you are drawing. Explain what happened to industry price and quantity by making specific references to the demand and supply curves. How can you profit from future shifts in the exchange rate? How do you predict future changes...

The annual salary of teachers in a certain state has a mean of μ = $...

The annual salary of teachers in a certain state has a mean of μ = $ 54,000 and standard deviation of σ = $ 5,000 . What is the probability that the mean annual salary of a random sample of 5 teachers from this state is more than $60,000?

Suppose we are interested in the Annual Salary of Electronics Associated, Inc. (EAI) managers and we...

Suppose we are interested in the Annual Salary of Electronics Associated, Inc. (EAI) managers and we find that for a sample of n = 30 managers, there was 0.5034 probability of obtaining a sample mean within ± $500 of the population mean (see the figure below). The title of the diagram is "Sampling Distribution of x". A bell-shaped curve divided into three areas is above a horizontal axis labeled x. The text = 730.30 is on the figure. The horizontal axis...

Is there evidence that the mean annual salary of a Tesla owner is more than $253500?...

Is there evidence that the mean annual salary of a Tesla owner is more than $253500? Data was collected from 36 Tesla owners across the US. The mean annual salary of those 36 Tesla owners was $254000 with a standard deviation of $1057. Answer this question, at the 1% significance level, by performing the following steps of a hypothesis test . a) Complete the null and alternative hypotheses by typing into the box as indicated. Ho : mu (Type one: <, =, >)...

The annual salary of fresh college graduates is thought to be normally distributed with a mean...

The annual salary of fresh college graduates is thought to be normally distributed with a mean of $45,000 and standard deviation of $8000. Do the following. (a) What is the z −score of the salary of $55,000? (10 points) (b) If you randomly select such a graduate, what is the probability that he/she will be earning a salary of $55,000 or less? (Use z −score and Excel function to calculate this) (10 points) (c) If you randomly select such a...